Cross River Bank of Fort Lee, N.J., with net assets of just $2.5 billion, partnered with more than 30 tech firms to create an agile lending platform that provided over $5.4 billion in Payment Protection Program (PPP) loans. The privately held lender earned $160 million in fees, according to S&P … [Read more...] about 7.25.20: SMALL NEW JERSEY COMMUNITY BANK LEVERAGES TECHNOLOGY TO DELIVER $5.4 BILLION IN PPP LOANS
7.19.20: 7-ELEVEN TO BUY MARATHON PETROLEUM’S SPEEDWAY STORES FOR $21 BILLION
In what is one of the biggest global acquisitions to be announced this year, Marathon Petroleum Corp. has agreed to sell its chain of Speedway convenience stores and gas stations to 7-Eleven for $21 billion in cash. The transaction is expected to close in the first quarter of 2021, subject to … [Read more...] about 7.19.20: 7-ELEVEN TO BUY MARATHON PETROLEUM’S SPEEDWAY STORES FOR $21 BILLION
7.15.20: VALUEXPRESS PROVIDING SBA 7(a) LOANS ON HOTELS
CMBS conduit loans are temporarily unavailable for hotels until operating performance recovers from the effects of COVID-19. In the meantime, to assist clients and borrowers, ValueXpress is providing SBA 7(a) loans up to $5 million on all owner-operated hotels, including independent hotels. The … [Read more...] about 7.15.20: VALUEXPRESS PROVIDING SBA 7(a) LOANS ON HOTELS
7.9.20: SBA WAIVES PAYMENTS ON 7(A) AND 504 LOANS THROUGH SEPTEMBER 27
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic by paying six months of loan payments for new and existing borrowers. Below is a summary of the assistance. As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest … [Read more...] about 7.9.20: SBA WAIVES PAYMENTS ON 7(A) AND 504 LOANS THROUGH SEPTEMBER 27
7.5.20: CMBS SERVICERS ARE NOT APPROVING ECONOMIC INJURY DISASTER LOANS (EIDL)
EIDL loans are now readily available to hoteliers up to $150,000 per property. Borrowers should be aware, however, that CMBS servicers are not approving these loans by waiving any covenant violations in CMBS loan agreements. Below is a typical servicer response to an EIDL approval request. We … [Read more...] about 7.5.20: CMBS SERVICERS ARE NOT APPROVING ECONOMIC INJURY DISASTER LOANS (EIDL)
6.30.20: CMBS LOAN RATES CONTINUE TO DECLINE AS CMBS SPREADS RALLY
Spreads on CMBS securities declined in June, positively impacting CMBS conduit loan rates. The benchmark AAA-rated super-senior CMBS closed the month at 115 basis points (bp) over swaps, down from 145 bp over swaps on June 1. Super-senior AAA-rated CMBS spreads peaked in March during the height of … [Read more...] about 6.30.20: CMBS LOAN RATES CONTINUE TO DECLINE AS CMBS SPREADS RALLY
6.23.20: INDOOR MALLS REOPEN IN NEW JERSEY
Indoor portions of shopping malls in New Jersey are open again with strict guidelines, but don't expect Black Friday-sized crowds. "Malls are an undeniable part of New Jersey culture, and we want these businesses to get back up and running in a safe, responsible manner," Governor Phil Murphy said … [Read more...] about 6.23.20: INDOOR MALLS REOPEN IN NEW JERSEY
6.18.20: CHOICE HOTELS SUED BY FRANCHISEES OVER VENDOR PROGRAMS AND FEES
A group of Choice Hotels International Inc. (Choice) franchisees have filed a lawsuit that claims the hotel company is burdening operators with inflated costs for goods and imposing duplicative fees to boost its own revenue. The franchisees claim Choice has set up its qualified-vendor program, … [Read more...] about 6.18.20: CHOICE HOTELS SUED BY FRANCHISEES OVER VENDOR PROGRAMS AND FEES
6.12.20: VALUEXPRESS ACTIVELY SEEKING CMBS CONDUIT LOANS
ValueXpress is actively seeking new CMBS conduit loans. We are pursuing multifamily, manufactured housing community (MHC), self-storage, industrial, retail and office loans. Hotels remain on pause unless performance was unaffected by COVID-19. Interest rates are in the 4.00%-4.50% range. We are … [Read more...] about 6.12.20: VALUEXPRESS ACTIVELY SEEKING CMBS CONDUIT LOANS
6.10.20: FEDERAL RESERVE SIGNALS LOW INTEREST RATES TO CONTINUE
The Federal Open Market Committee ended its two-day meeting on Wednesday holding its key interest rate near zero and signaled it likely won’t lift the key interest rate until at least 2022, noting the outbreak “will weigh heavily on economic activity” and “poses considerable risks to the economic … [Read more...] about 6.10.20: FEDERAL RESERVE SIGNALS LOW INTEREST RATES TO CONTINUE
